Holding(s) in Company

1. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached:

Trading Emissions Plc

2. Reason for the notification  (please tick the appropriate box or boxes)

An acquisition or disposal of voting rights

X

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

Other (please specify):

3. Full name of person(s) subject to the notification obligation:

Funds under the discretionary management of Laxey Partners Ltd

4. Full name of shareholder(s) (if different from 3.):

Credit Suisse Client Nominees UK Ltd

5. Date of the transaction and date on which the threshold is crossed or reached:

20 January 2012

6. Date on which issuer notified:

23 January 2012

7. Threshold(s) that is/are crossed or reached:

Over 7%

8. Notified details:

6.41% on 12 December 2011

A: Voting rights attached to shares

Class/type of shares

 if possible using the ISIN CODE

Situation previous to the Triggering transaction

Resulting situation after the triggering transaction[i]

Number of Voting Rights

Number of shares

Number of voting rights

% of voting rights

Direct

Indirect

Direct

Indirect

GB00B073G363

16,017,348

16,017,348

17,577,412

17,577,412

7.04%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financial instrument

Expiration date

Exercise/ Conversion Period

Number of voting rights that may be acquired if the instrument is exercised/ converted.

% of voting rights

Resulting situation after the triggering transaction

Type of financial instrument

Exercise price

Expiration date

Exercise/ Conversion Period

Number of voting rights instrument refers to

% of voting rights

Nominal

Delta

Total (A+B+C)

Number of voting rights

% of voting rights

17,577,412 shares

7.04%

9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable xv:

Proxy Voting:

10. Name of the proxy holder:

11. Number of voting rights proxy holder will cease to hold:

12. Date on which proxy holder will cease to hold voting rights:

13. Additional information:

14. Contact name:

Laxey Partners Ltd

15. Contact telephone number:

+ 44 (0) 1624 690900